LAVAL,
QC & JUPITER,
Fla., May 15, 2023 /CNW/ - Neptune Wellness
Solutions Inc. ("Neptune" or the "Company") (NASDAQ: NEPT), a
consumer-packaged goods company focused on plant-based, sustainable
and purpose-driven lifestyle brands, today announced that it has
closed the previously announced public offering of 12,121,212 of
its common shares (or common share equivalents in lieu thereof) and
accompanying warrants to purchase up to an aggregate of 12,121,212
common shares at a combined public offering price of US$0.33 per share and accompanying warrant,
resulting in gross proceeds of approximately US$4 million. The warrants have an exercise price
of US$0.33 per share, are immediately
exercisable upon issuance and will expire five years following the
date of issuance.
The Company plans to use the proceeds of the offering, after
repayment of debt, for general corporate purposes, which may
include (i) working capital, (ii) capital expenditures, (iii)
operational purposes, including working capital to accelerate
growth of the Company's business and (iv) potential acquisitions in
complementary businesses. While the Company does not currently have
any agreement with respect to an acquisition, the Company intends
to evaluate potential opportunities and could use proceeds of the
offering to invest in one or more complementary businesses. The
principal reasons for this offering are to increase the Company's
working capital, improve its ability to access the capital markets
in the future, and to provide capital for general corporate
purposes. In connection with this offering, the Company has amended
certain existing warrants to purchase up to an aggregate of
8,423,733 common shares that were previously issued in March 2022, June
2022, and October 2022, at
exercise prices ranging from US$1.62
to US$11.20 per share and expiration
dates ranging from September 14, 2023
to June 23, 2029, to reduce the
exercise prices of the applicable warrants to US$0.33, with expiration dates five years
following the closing of this offering, with the exception of
warrants to purchase up to 972,763 common shares which will expire
on June 23, 2029.
A.G.P./Alliance Global Partners acted as the sole placement
agent for the offering.
A registration statement on Form S-1, as amended (No.
333-271403) ("Form S-1"), relating to the offering was filed with
the Securities and Exchange Commission ("SEC"), and it was declared
effective on May 10, 2023. An issuer
free writing prospectus was also filed with the SEC on May 10, 2023. The offering was made only by means
of a prospectus forming part of the effective registration
statement. Copies of the final prospectus relating to the
offering may be obtained on the SEC's website located at
http://www.sec.gov. Electronic copies of the final prospectus
relating to the offering may be obtained from A.G.P./Alliance
Global Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022, or by telephone at (212)
624-2060, or by email at prospectus@allianceg.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation, or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such state or other jurisdiction.
About Neptune Wellness Solutions Inc.
Headquartered in
Laval, Quebec, Neptune is a
consumer-packaged goods company.
Disclaimer – Safe Harbor Forward–Looking
Statements
The Company cautions that statements in this
press release that are not a description of historical facts,
including, but not limited to, statements regarding the expected
use of proceeds, are forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements may be identified by the use of words
referencing future events or circumstances such as "expect,"
"intend," "plan," "anticipate," "believe," and "will," among
others. Because such statements are subject to risks and
uncertainties, actual results may differ materially from those
expressed or implied by such forward-looking statements. These
forward-looking statements are based upon the Company's current
expectations and involve assumptions that may never materialize or
may prove to be incorrect. Actual results and the timing of events
could differ materially from those anticipated in such
forward-looking statements as a result of various risks and
uncertainties. More detailed information about the risks and
uncertainties affecting the Company is contained under the heading
"Risk Factors" included in Form S-1 and in other filings the
Company has made and may make with the SEC in the future. One
should not place undue reliance on these forward-looking
statements, which speak only as of the date on which they were
made. Because such statements are subject to risks and
uncertainties, actual results may differ materially from those
expressed or implied by such forward-looking statements. The
Company undertakes no obligation to update such statements to
reflect events that occur or circumstances that exist after the
date on which they were made, except as may be required by law.
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SOURCE Neptune Wellness Solutions Inc.